Business

Marketers, Retailers fight dirty as Fuel price nears N1,000 per litre in Nigeria

Published

11 months ago

August 5, 2025

662 Views

Petroleum product marketers and retailers are trading blame as the premium motor spirit pump price nears N1,000 per litre in Nigeria.

On Monday, it was reported that the Nigerian National Petroleum Company Limited retail outlets across the country increased fuel prices.

In Abuja, Nasarawa, and Kogi states, the NNPCL petrol pump price jumped by N65 per litre to N955 per litre on Monday from N890 dispensed at the weekend.

IPMAN, PETROAN give reasons for fuel price increase:

The latest fuel price hike in Nigeria has been blamed on several reasons, including the fall in global crude oil price, the exchange rate, the Dangote Refinery, and the Depot Owners petrol ex-depot price increase.

While the Independent Petroleum Marketers of Nigeria blamed the exchange rate for the latest fuel price hike, the Petroleum Products Retail Outlets Owners Association of Nigeria blamed Dangote Refinery’s pricing system.

The spokesman of IPMAN and the National President of PETROAN, Chinedu Ukadike and Billy Gillis-Harry, respectively, made these perspectives known in separate interviews on Monday.

Ukadike partly attributed the recent fuel price hike to forces of demand and supply in a deregulated downstream oil industry.

He noted that the latest price adjustment is not unconnected to price reviews at petrol depots and the Dangote Refinery.

“Fuel prices went up due to forces of demand and supply.

Supplying Depots and Dangote Refinery have increased their ex-depot petrol prices.

“The cost of the Dollar is the reason for the price hike for depot owners.

“For Dangote Refinery, I can’t say categorically, but it may not be unconnected to the price of crude oil; you know the plant imports the bulk of its crude oil.

“As of Friday, Dangote Refinery is N858 per litre, NIPCO (N870), Aiteo (855), and Ranoil (N865),” he said.

On his part, Gillis-Harry blamed the Dangote Refinery pricing mechanism for the latest fuel price hike.

“We should be looking at proper fuel pricing because what the Dangote Refinery is doing is not proper pricing,” he said.

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Business

BUA Group Denies Reports of Bid to Acquire Stake in Kano Pillars Football Club

Published

4 hours ago

June 30, 2026

Charles Flames

22 Views

BUA Group has firmly dismissed online reports claiming that the conglomerate and its Chairman, Abdul Samad Rabiu, submitted a bid to acquire a 70% stake in Kano Pillars Football Club.

In a press statement issued on Tuesday, the company described the publication as inaccurate and misleading.

PRESS STATEMENT

Re: False Claims of Bid to Acquire Stake in Kano Pillars Football Club

Our attention has been drawn to an online publication suggesting that BUA Group and its Chairman, Abdul Samad Rabiu, have submitted a bid to acquire a 70% stake in Kano Pillars Football Club.

We would like to clarify that this report is inaccurate and does not reflect any position, action, or communication from BUA Group or Abdul Samad Rabiu. No such bid has been made, and there has been no engagement with any party on this matter.

We kindly request that this report be disregarded, and we encourage the public and members of the press to rely only on official statements issued through BUA Group’s verified channels for accurate information regarding our activities.

We appreciate the continued interest in BUA Group and thank the public for their understanding.

BUA Group reiterated its commitment to transparency and urged stakeholders to verify information through its official communication channels.

Business

Nigeria’s oil minister orders marketers to reduce fuel price

“While we believe that market forces will eventually restore equilibrium, the regulator also has a statutory responsibility to ensure that deregulation does not become an avenue for profiteering. This must be done in line with the extant provisions of the Petroleum Industry Act,”said Lokpobiri.

Published

8 hours ago

June 30, 2026

OCHEFA

18 Views

The Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, at the NMDPRA General Counsel and Legal Advisers Forum, directed petroleum marketers to reduce fuel price .

At the two-day forum themed: “Beyond Compliance: Driving Regulatory Certainty and Investment Confidence in Nigeria’s Petroleum Sector, Lokpobiri noted that refiners and marketers have continued to sell petrol at elevated pump prices despite the significant decline in crude oil prices from a peak of $120 per barrel to about $72 per barrel last week.

He said: “Following de-escalation of tensions between Iran and the United States, we expected to see a commensurate downward adjustment in the prices of PMS and other petroleum products.However, that has not yet happened.”